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European Shares Rebound As Lira Climbs For Third Day


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(RTTNews.com) - European stocks bounced back on Thursday as worries about Turkey eased and China said it would hold a fresh round of talks with the United States later this month, in an effort to diffuse tensions.

The lira extended gains for a third day on news of financial support from Qatar and ahead of a presentation by Finance Minister Berat Albayrak to investors.

The pan-European Stoxx Europe 600 index was up 0.3 percent at 380.91 in late opening deals after losing 1.4 percent the previous day.

The German DAX was also up 0.3 percent, France's CAC 40 index was gaining half a percent and the U.K.'s FTSE 100 was moving up 0.6 percent.

Mining stocks were broadly higher, with Antofagasta, Glencore and Rio Tinto rising 1-2 percent.

British American Tobacco gained 1.3 percent and Imperial Brands added 0.7 percent as the pound hovered near 2018 lows.

British home improvement retailer Kingfisher lost 2.6 percent after quarterly underlying sales at its French business Castorama fell 3.8 percent.

Aegon NV advanced 2.3 percent. The financial services firm has agreed to sell its businesses in Czech Republic and Slovakia to NN Group for 155 million euros.

Swedish retailer ICA lost almost 6 percent and Dutch marine and engineering company Boskalis plunged 8 percent on disappointing earnings results.

Global brewer Carlsberg climbed 3.4 percent. The company lifted its 2018 earnings view after reporting a rise in net profit for the first six months of 2018.

Dutch insurer NN Group jumped 3.4 percent after its second-quarter profit rose 25 percent from last year.

Out-of-home advertiser JC Decaux soared 8.7 percent in Paris after a ratings upgrade by Berenberg bank.

German consumer goods maker Henkel AG & Co. KGaA dropped 2 percent after lowering its earnings growth forecast for 2018.

In economic releases, euro area trade surplus decreased for a third straight month in June, albeit slightly, preliminary data from Eurostat showed.

The seasonally adjusted trade surplus fell to EUR 16.7 billion from EUR 16.9 billion in May. Economists had expected the figure to remain unchanged at May's level. Exports rose 1.6 percent month-on-month while imports grew 1.8 percent.

Elsewhere, a government report showed that U.K. retail sales increased more than expected in July. Retail sales including auto fuel, rose 0.7 percent month-on-month in July, in contrast to a 0.5 percent fall in June. Sales were forecast to increase by 0.2 percent.

On a yearly basis, overall retail sales volume growth accelerated to 3.5 percent in July from 2.9 percent a month ago.


Read the original article on RTTNews (http://www.rttnews.com/2927361/european-shares-rebound-as-lira-climbs-for-third-day.aspx)


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This article appears in: Stocks , World Markets , Politics
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